LUXEMBOURG / RankWire.AI / – In the European Union, the second quarter of 2026 marked its first goods trade deficit since 2023, totaling €21.8 billion, Eurostat reported. During this period, imports from outside the bloc reached €701.8 billion, while exports stood at €680.0 billion. This represents a reversal from Q1, when exports exceeded imports by €6.7 billion. The shift occurred as import growth outpaced that of exports during April through June.
EU imports increased by 9.9% compared to the previous quarter, adding €63.4 billion. Exports rose by 5.4%, expanding by €34.9 billion over the same timeframe. Both trade flows had experienced declines from the second quarter of 2025 before this trend was reversed in early 2026. The latest figures reveal that despite stronger export growth, it was insufficient to offset the surge in goods entering the European Union.
The primary contributor to the trade deficit was energy. The EU’s energy shortfall grew to €101.1 billion from €71.3 billion in the first quarter. The deficit for raw materials also increased, reaching €9.4 billion from €7.9 billion. Other manufactured goods saw a €9.1 billion deficit, while the surplus in machinery and vehicles contracted to €23.2 billion.
Energy imports drive the widening trade imbalance
Certain other sectors continued to generate substantial surpluses throughout the quarter. The chemicals sector posted a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages had an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus for other goods decreased to €9.1 billion from €11.6 billion, reflecting broader deterioration in the overall trade balance.
While monthly data showed some positive signs toward the end of June, the three-month balance remained in deficit. In June, the EU recorded a €3.9 billion goods surplus after a May deficit. Monthly exports hit €241.5 billion, with imports totaling €237.7 billion, both figures non-seasonally adjusted. For the first half of 2026, the EU faced a €14.9 billion trade deficit compared to a €74.1 billion surplus during the same period last year.
Trade with the US and China continues to dominate
Trade with key partners remained prominent in June. Exports to the United States reached €45.7 billion, while imports from the country totaled €34.5 billion, resulting in an €11.2 billion surplus for June. Conversely, trade with China saw €18.8 billion of exports and €53.9 billion of imports, producing a €35.1 billion deficit.
During the first half of 2026, intra-EU trade totaled €2.20 trillion, showing a 5.7% increase from the same period last year. Eurostat indicated that member states provided the underlying trade data utilized for the latest calculations. The agency adjusts the data for seasonal and calendar effects to generate comparable European aggregates. The second-quarter results mark the EU’s first quarterly goods trade deficit since April to June 2023.